People’s United Bank began as a savings bank in 1842. At the time of its inception, it was the only bank to offer a means to save money to those who worked and commuted in the Bridgeport, Connecticut area. It was originally named People’s Bank but changed to the present name in June 2007.
History of People’s United Bank
People’s United Bank was initially organized as a mutual holding company. The company had its initial public offering in 1988 with its shares selling at a split-adjusted price of $1.20 per share. In order to provide more flexibility to expand into other states, People’s United changed its organizational structure to that of a federally-chartered mutual holding and savings bank company. By April 2007, People’s United Bank completed the process of become a publicly-owned stock company.
People’s United Bank Today
Today, People’s United Bank is headquartered out of Bridgeport, Connecticut. As at the beginning of 2010 People’s United is led by its Chief Executive Officer and President, Phillip R. Sherringham. Mr. Sherringham’s has an extensive background in the financial industry. Prior to joining People’s United Bank he worked at the United California Bank in Los Angeles as the Chief Financial Officer and Executive Vice President.
People’s United Bank is apparently the largest bank in New England having over $21 billion in assets and over 300 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine, and New York. It offers in-person banking services 7 days a week at their 80 Stop & Shop branches in Connecticut and Maine. People’s United Bank is the parent company of Chittenden Bank, Flagship Bank, Maine Bank & Trust, Merrill Bank, Ocean Bank, and The Bank of Western Massachusetts.
Services of People’s United Bank
People’s United Bank offers products and services such as online banking, checking, savings, borrowing, investing, and insurances. Online banking allows customers to bank from any location and still be secure. People’s United also offers online trading, online business banking, online consumer loan services, and online trust and investment management.
People’s United Bank has a wide variety of checking accounts that make it easy to deposit funds through direct deposit. People’s United Plus Checking Accounts also have complimentary products such as overdraft protection and the United MasterMoney Card. Savings accounts consist of the Plus Special and Plus Money Market that can be linked to a checking account. People’s United Bank also has Passbook Savings for those who prefer to visit the local branch as well as CDs.
Their lending services include mortgages, home equity lines of credit, and home equity loans. Personal loans are available as well as personal credit lines. Of course, to round out their list of credit based products, People’s United Bank issues credit cards.
People’s United has a full range of investment products that range from self-directed investing to full service investing as well as investment advisory services.
Other Offerings of People’s United Bank
Besides banking and lending services, People’s United Bank issues insurance products. They offer life insurance, term life insurance, permanent life insurance, long term care, auto, home, and other personal insurance. Fixed and variable annuities are also included under their insurance products and services.
People’s United Bank is very involved in their community through a number of ways. The People’s United Community Foundation was founded to address the philanthropic work of the bank. People’s United Bank offers services to the community through affordable housing, community development, and youth development.